Fundamentals of marketing in the global marketplace

PHSE5 DB: The Global Marketplace

Fundamentals of marketing

Marketing is a process through which an organization's goods and services move to the consumers. It involves coordination of four major elements: identification and selection of a product, determination of the price and selection of the best distribution channels to reach customers. Marketing is also the ability to identify the needs and wants of customers as well as the ability to deliver products that satisfy those requirements. Marketing is the most fundamental activity in an organization. It affects directly the amount of sales and recognition of an organization. Marketing covers various fields that aim to create awareness about a product and enforce selling. These include advertising, public relations, personal selling, sales promotion and direct marketing. Marketing is composed of seven major steps known as the principles of marketing. These principles provide a guideline on how to conduct effective marketing. Marketing starts with research, product identification, customers and markets, distribution channels for the identified products, advertising and promotion for the product, pricing and planning.

Importance of marketing for the business plan

In developing and designing a business plan, marketing is an essential aspect that requires attention. Marketing is an important effort required in order to gain attention, building the product demand and attracting customers. Marketing is important for start up businesses and those already in operation. It aims to provide information about customers' needs and desires, marketing opportunities for goods and services and changing attitudes, and purchasing pattern of the customers (Pride & Ferrell, 2011). In a business plan, marketing helps to clarify key elements of a business and provide direction and objectives within a business. It focuses major elements of marketing known as the four Ps; price, promotion, product and place. Incorporation of a marketing plan in the business plan helps to create clear guidelines on the suitable marketing strategies to use. It also helps to evaluate the effectiveness of other marketing methods. It takes into account the level of competition, pricing and market budgeting.

Marketing concept and its application as a manager

Marketing system

It refers to the flow of goods and services from production to the point of consumption. The system consist various activities and functions that facilitate the movement of goods from producers to consumers. As a marketing manager in Puma Sneakers Inc., I will develop a dynamic marketing system that will undertake a research on the needs and desires of customers. The research will explore the trends and fashions of sneakers that are in demand and taste and preference of customers. The marketing system will also define markets according to variations in demand. The best marketing strategy begins with an insightful understanding of the customers (Russel, 2010). Under the marketing system, I will select, control and train marketing officers to ensure effective marketing.

Response from colleagues

Market segmentation